Law School Graduates

Quote of the Day: The Broken Economics of Legal Education

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Brian Tamanaha

The average debt of law graduates tops $100,000, and most new lawyers do not earn salaries sufficient to make the monthly payments on this debt. More than one-third of law graduates in recent years have failed to obtain lawyer jobs. Thousands of new law graduates will enter a government-sponsored debt relief program, and many will never fully pay off their law school debt.

– Washington University Law professor Brian Tamanaha, author of Failing Law Schools (affiliate link), painting a rosy picture of what life is like for recent law school graduates.

(What can be done to remedy this situation? Additional insights from Professor Tamanaha, after the jump.)

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Morning Docket: 05.21.12

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Mr. and Mrs. Zuckerberg

* With more allegations of misconduct revealed, the Canadian Judicial Council met to discuss Justice Lori Douglas’s sex scandal inquiry. Unlike her legs in her nude picture spread, this media circus will likely close in July. [Winnipeg Free Press]

* “I want to apologize. Obviously, mistakes were made.” Admitting you’ve got a problem is just the first step. Greenberg Traurig’s executive director apologized for the Biglaw firm’s apparent screw-ups in a Rothstein-related trial. [Miami Herald]

* Blind Chinese dissident Chen Guangcheng will be enrolling at NYU Law School on a fellowship. The administration is giving him a ritzy faculty apartment that comes complete with a kitchen full of Chinese food. He already knows how to eat like a law student. [New York Times]

* Facebook is being sued in an amended consolidated class-action complaint for $15B over privacy issues, but Mark Zuckerberg was too busy getting married to Priscilla Chan to let it bother him. [Bloomberg]

* “What [the f**k] comes next?” That’s what law school grads asked themselves when their commencement speakers tried to slap on a happy face and speak positively about the job market. [Connecticut Law Tribune]

* But perhaps future law school grads will be able to find jobs more easily thanks to class offerings geared toward in-house counsel lawyering skills. Keep on dreaming that impossible dream. [Washington Post]

* How does a small-time DUI attorney from California go from being an unknown to being a household name overnight? By filing a lawsuit filled with tawdry allegations against actor John Travolta. [Los Angeles Times]

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Not Even Bankruptcy Will Make Your Student Loans Go Away

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As we mentioned in Morning Docket, more and more law school graduates are trying to seek bankruptcy protection from their mountains of student loan debt. Bankruptcy? Really?

Now, we know that reading comprehension is tested on the LSAT, but apparently, once students complete the law school entrance exam, that skill goes right out the window. How do we know? Because law school graduates, who freely signed up for student loans as law students, are now trying to shirk their repayment responsibilities. They are the 99% (of people who sign on the dotted line and think nothing of it until it’s time to face the consequences).

All the documents these law school graduates signed and claimed to have read and understood prior to accepting their student loans — well, they had some words to say about bankruptcy. Important words. Here are some of them, pulled from my very own master promissory note:

We will discharge (forgive) your loan if: [y]our loan is discharged in bankruptcy. However, federal student loans are not automatically discharged if you file for bankruptcy. In order to have your loan discharged in bankruptcy, you must prove to the bankruptcy court that repaying the loan would cause undue hardship.

Aww, you think you’ve got an undue hardship, precious little snowflake? Well, think again….

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